Women own less, save less, carry more debt, and are less financially literate than men. That changes now.
ask an expert
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We asked you to vote on a question you’d like answered. The winner was:
How do I rebuild my savings after the holidays?
FEATURED EXPERT:
Rianka Dorsainvil
certified financial planner, co-CEO, and senior financial planner at 2050 Wealth Partners
I’m not about playing the shame game — I did it, it’s done. I've used my credit card a little bit more than I anticipated because I got a little pajama-friendly and crazy with my niece and nephews. So now what? You have to figure out and set clear financial goals. Look at your budget and say: "The holidays are done, and so where am I now?" Go back to the basics — fixed expenses and variable expenses. Reduce the variable expenses so that you can rebuild your savings.
This interview has been edited and condensed for clarity. You can read an extended version here.
money win
An inside look at how women are building wealth.
“Last year my partner and I purchased our first home, but it didn't have a fenced-in yard — a huge bummer for our two extremely active furbabies. We put up a temporary fence, and started saving for our dream fence! This summer, we started getting quotes from local companies, and we had enough to both pay for the fence and keep some of the money in our savings. Sometimes material price changes work in your favor! Our pups are now living their best life in a fully fenced-in yard.”
— Mollye M (TN). Sometimes, a rich life can just mean buying a really good fence.
Scored a raise, saved up for a big purchase, or reached another money goal? Tell us about it here. Quotes are edited and condensed for clarity.
5-minute money tip
Make money talk part of your routine.
According to a 2023 Bank of America survey, only 42% of Americans are comfortable talking about money with their romantic partner. And that lack of communication can lead to unnecessary trouble in paradise. If your relationship is new, start a casual dialogue by sharing your personal financial goals (like buying a house, paying off debt, or saving for retirement) and invite them to share theirs. Notice what does and doesn’t align. If you’ve been together longer, make sure you discuss your joint financial picture regularly — whether or not you share a bank account — so you stay on the same page. PS: Head here for more money etiquette advice.*
*PS: This is a sponsored post.
for the group chat
The money stories everyone’s talking about.
Are your relationship status and financial confidence connected?
One survey indicates yes — especially if you’re a woman.
Inflation and high interest rates are real…
But could the reason you feel broke all the time be your phone?
One nonprofit reports that student loan debt impacts Black women more than any other demographic…
There’s no one-size-fits-all solution, but here’s how one Black woman is tackling her debt. For more tips, check this out.
If you’re already over your holiday budget…
Check out these seven ideas for making a quick $500 before the end of the month.
investment piece
The items celebs and influencers think are worth the big bucks.
TikToker, podcaster, and author Eli Rallo is known for hilariously honest (and very relatable) listicles and observations about everything from first dates to reminders of nice things to do for yourself. Now, she’s sharing her unique perspective in her book, I Didn’t Know I Needed This: The New Rules for Flirting, Feeling, and Finding Yourself. Here, Rallo shares the purchase that gave her a new point of view.
Tell us about an investment purchase you made.
My camera, the Canon PowerShot ELPH 360 HS digital camera.
How much did the item cost?
$624.95.
Why do you consider it a good investment?
I consider this a worthy investment because it takes really amazing photos, and it helps to save memories forever. Sometimes I don't feel like taking photos on my phone, or the people I’m with might think it’s weird if I ask them to take a photo of them with it. But with my camera — everyone wants their photo taken. Also, the camera has been really helpful for taking and making content.
Answers are edited and condensed for clarity.
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